Buoyed by a 40 percent increase in sales, Bermuda Computer Services Ltd. (BCS) year profit reached a record high.

"The company is in an extremely healthy financial position with an enviable ratio of current assets to liabilities and cash reserves of over $1 million which is well in excess of its needs,'' the company said.

On sales of $5.9 million, up from $4.2 million, BCS made $639,410 for the fiscal year ended October 31, 1996 compared to $501,053 for the prior year.

Per share earnings were $2.13 compared to $1.67.

For the year ended October 31, 1994, BCS made $349,192, down 35 percent from 1993.

At October 31, the company's current assets were $2.5 million while liabilities were $706,138. Corresponding year earlier figures were $2.6 million and $952,393 respectively.

At Tuesday's board meeting, directors agreed to pay an extra dividend of $1 per share to shareholders of record January 31 payable February 14. Directors also approved regular quarterly dividends of 20 cents per share.

BCS president Susan Wilson had been integral to the successful year, the company said.

Prior to becoming BCS president last year, Mrs. Wilson was the company's treasurer.

Mrs. Wilson, also president of Masters Ltd., "brought together the various divisions comprising BCS'' and was able to "re-establish a strong business partnership with IBM.'' BCS sells and provides services for IBM computers, peripheral equipment and software.

In August 1995, BCS incorporated a wholly-owned subsidiary BCS Agencies Ltd., which assumed responsibility for the operations associated with IBM.

The company said it has recently been providing access to the IBM/IGN Network on a limited basis to a number of corporate customers and preparing to offer this service to a wider audience. And large corporate clients would be able to access the IBM/IGN Network on January 29.